Trade: The Impact of Imports

Every
year since 1893, U.S. businessmen and farmers have sold enough goods
overseas to take in more money than the nation has paid for its im
ports. That trade surplus has long been the foundation of U.S. global
economic power. Over the past two decades, it has amounted to $79
billion, greatly diminishing the chronic balance of pay ments deficits
caused by foreign aid and investment, overseas tourist traffic and
military spending.

This year, however, the long-strong trade surplus has shriveled. In
March, May and...